- Shiba Inu price analysis is bearish today.
- SHIB/USD broke below $0.000045 support.
- Lower high currently established.
Shiba Inu price analysis is bearish today as we expect another lower high to be set during the current upsurge. Likely SHIB/USD will reverse over the next 24 hours, leading to the further downside as bears are still in control.
The overall market has started to recover over the last 24 hours, with bullish momentum returning today. The market leader, Bitcoin, has lost 1.97 percent, while Ethereum has gained 1.6 percent. Meanwhile, Loopring (LRC) is the top performer, with a gain of over 22 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu sets lower low, recovers to test previous highs
SHIB/USD traded in a range of $0.00004078 – $0.00004779, indicating strong volatility over the last 24 hours. Trading volume has increased by 89.58 percent, totaling $4.2 billion, while the total market cap trades around $26.17 billion, ranking the coin in 11th place overall.
SHIB/USD 4-hour chart: SHIB retraces back above $0.000045
On the 4-hour chart, we can see Shiba Inu price recovering so fat today as another lower high needs to be set before further upside can be reached.
Shiba Inu price has seen bearish momentum continue so far in November. The $0.000045 support prevented further downside several times over the past weeks while further lower highs were set.
The $0.000045 support finally got broken yesterday, with a new low set at $0.0000405. From there, SHIB/USD started to recover overnight, eventually returning above previous support.
However, considering the overall market structure, we will likely see another lower high set over the next hours. From there, we expect the Shiba Inu price action to reverse and look to test further downside over the weekend.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bearish today as we expect further drop after the current upsurge likely ends with another lower high set. Therefore, SHIB/USD should see further downside over the next 24 hours along with the overall several-week bearish trend.